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. that means we're using deficit and regaining increasing competitiveness. becae a lo member states underestimated in the first years of the common currency that the pressure on competitiveness in the common currency resulted possibility of devaluation. it's huge. and if you don't improve your competitiveness, you will get major problems. it has happened in -- you will not feel it in the first years, but it will happen. and it did. therefore, we always have to -- [inaudible] member states, oblige member states to stick to european rules in, of course, a balanced way to enhance their competitiveness by structure reforms, and then we can, we have built a european mechanism through different systems to buy time until they regain access to financial markets. this worked in ireland, in portugal. in fact, in the last year we increase, by the way. i think it will work in cyprus as well. and if you look at the -- [inaudible] we have halved the national deficits in the eurozone in the last three years. delivering our commitment, by the way. we have halfved the difference in the -- halved the
significant problems, and i think if we don't address the deficit, if we don't address it, i've become more and more convinced that we don't necessarily go gradually into problems, that we could go precipitously into a problem. and i say that with reference to 2008 and to the crisis. that i think there is even when things seem to be going pretty well, there is and are some lurking dangers within our economy. one would be interest rates rising. and i ask this question all the time to people i consider to be, you know, smart, big bankers, people in the major capital centers of the world, can we control interest rates and keep interest rates low? is there a breaking point at which the central bank cannot keep interest rates at this point? because interest rates at 5%, interest rates of 7% or when i was a kid, interest rates of 19 president or 21%, i think, would be catastrophic with this burden of debt. seems to work right now, but i also think that there's a certain illusion both of wealth in the stock market and an illusion of the ease at which we can manage our debt. and so those are my con
-inflicted wounds without adding one penny to the deficit. we've provided money, the money is there, we haven't spent it, we don't need to. we can use the savings from wrapping up two wars to avoid the full brunt of the sequester's arbitrary cuts. the congressional budget office said that would score; that money is available, it is money we could use. funding for the operation in ir a afgan has in alled overseas contin yeype account. since the worst of the seq cuts are creating an emergency situation, we should consider using thighs funds to offset their impact. these really are emergencies and we should do it. i am not proposing we use them to offset the entire sequester but congress has the power to avert the most painful sequester cuts using these mexico. 28 republicans in the senate and 174 republicans in the house would impose these sequester haphazard cuts. if those same republicans work with democrats, we could act to protect families and businesses and ensure our national defense and save millions of americans hours waiting at the airport. i suggest the absence of a quorum. the presi
Search Results 0 to 2 of about 3